There is no better place to go electric than in California, where numerous state and local rebates, incentives, and programs help you make the switch. New electric vehicle (EV) owners can also stack the benefits with the clean vehicle credits from the Inflation Reduction Act. With the changes coming on January 1, 2024, you will no longer have to wait to receive the tax credit after filing your taxes, but you can ask Simpson Chevrolet of Irvine to apply the tax credit immediately to your new EV purchase or lease and get instant savings. The changes make EV ownership even more affordable, so you don't have to wait if you are ready to make the switch.
Learn more about the available incentives, rebates and California-specific programs with our Finance Team at Simpson Chevrolet of Irvine. We'll help you break down the latest information and ensure you are aware of all the available incentives in your area to get the most from your new Chevy EV.
2024 Changes to the Federal Clean Vehicle Tax Incentive
The Inflation Reduction Act outlines new tax credits for EVs and plug-in hybrid electric vehicles (PHEVs). In previous years, you would claim the tax credit by providing the purchase information on your federal tax returns and could receive $4,000 for purchasing a used EV or $7,500 for a new one. This setup required EV owners to wait and see the savings as reduced tax liability.
With the 2024 changes, new EV owners will be able to benefit from the tax incentives immediately. Starting on January 1, 2024, buyers or lessees can apply the tax credit to the purchase or new lease through authorized dealerships like Simpson Chevrolet of Irvine. The new rules remove some of the headaches from claiming incentives during tax season and allow drivers to save immediately at the point of sale.
California State-Wide Rebates, Incentives, and Programs
If you live in California, buying or leasing an EV comes with many benefits. There are numerous ways to save with cash-back rebates, incentives, income-driven programs, and more.
Statewide Programs
- Clean Vehicle Rebate Program (CVRP): Get up to $7,500 for a new EV, PHEV, or fuel cell electric vehicle (FCEV) purchase or lease on a first-come-first-served basis, income limited
- Consumer Assistance Program – Vehicle Retirement: Up to $1,500
- High Occupancy Vehicle (HOV) Lane Exemption: Receive a decal from the DMV for HOV access
Local Incentives for California Districts or Municipalities
Most rebates, incentives, and programs for EVs and other clean vehicles base eligibility on where you live. For more information on local incentives you may qualify for, check with your local utility companies, municipalities, and districts to determine which programs apply to your neighborhood. Ask our experts about any instant rebates or incentives you may be eligible for when you purchase an EV or start a new lease at Simpson Chevrolet of Irvine.
Types of Local EV Programs
- EV, PHEV and FCEV Rebates or Incentives
- Vehicle Retirement Programs for High-Emissions Vehicles
- Old Car Buyback and Scrap Programs
- Local Utility Rebates or Incentives
- Residential EV Charger Rebates or Incentives
- Discounted or Free Public Charging
- Special Utility Rates for EV Home Charging
Contact Our Experts at Simpson Chevrolet of Irvine
California is on a mission to reduce pollution and transition to cleaner transportation alternatives. We hope that making you aware of all the different types of programs can help you save and allow you to switch to an electrified vehicle when you are ready. Contact our team for more information and expert matching services to help you find the perfect vehicle that meets your lifestyle and driving goals.